Business Week in Review

Saturday

Mar 22, 2008 at 12:01 AMMar 22, 2008 at 10:02 PM

Massachusetts business highlights from the week of March 16.

Patrick casino plan dies in the House

Gov. Deval Patrick’s plan to allow up to three casinos in Massachusetts rolled a snake eyes this week as the House of Representatives, led by House Speaker Sal DiMasi, shelved the legislation for the rest of the year.

Patrick couldn’t have been surprised by the outcome, as DiMasi has signaled his antipathy toward the idea of expanded gambling for the past two years.

But casino supporters put up a spirited fight on Beacon Hill, arguing casinos would bring jobs and tax revenue to the state.

Senate passes $100M life sciences bill

Lost amid the coverage of the casino vote was the progress of another economic development bill. The Senate passed its version of legislation that would spend as much as $100 million a year to support the life sciences sector.

Because of differences with the House’s life sciences bill, the final version will likely be hammered out in a conference committee.

Hannaford shoppers’ data compromised

Shoppers at Hannaford supermarkets didn’t bargain for this: The Scarborough, Maine-based supermarket chain said more than four million credit and debit card accounts used from early December through this month have been compromised, and fraudulent activity has already been seen among more than 1,800 accounts.

JPMorgan Chase buys ailing Bear Stearns

The securities industry was taken aback by news that investment bank Bear Stearns would be sold for a measly $2 a share to rival JPMorgan Chase.

The bailout effort left some money managers in Boston and other financial hubs with big losses. But at least they’re getting something back. Without the buyout, Bear Stearns could have been destined for bankruptcy because of its ties to last year’s subprime mortgage meltdown.

Bank pledges to keep ‘Garden’ in garden

Just when Boston sports fans were getting used to the “TD Banknorth Garden,” they learned they should brace for another change at the 13-year-old sports arena.

TD Banknorth is about to merge with Commerce Bank of Cherry Hill, N.J., and will be known as TD Commerce Bank, rendering the arena’s current name obsolete. No new name has been picked.

But TD Banknorth pledges that the word “garden,” a nostalgic throwback to the former Boston Garden that was torn down in the 1990s, will remain part of the new name.

The Patriot Ledger

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